Transfer of Car purchased on behalf of other person
This query is : Resolved
Priyanka Mahajan
(Querist)
26 February 2011
If a person takes car loan for his spouse properitorship business. Can that car can be shown as fixed assets in that properietorship business and Depreciation can be claimed??
If it can be, whats the procedure? is husband required to execute transfer deed. But car can not be transferred till the loan is paid by that person.
Please suggest, what the spouse do for claim deprecation in her business
Thanks
If it can be, whats the procedure? is husband required to execute transfer deed. But car can not be transferred till the loan is paid by that person.
Please suggest, what the spouse do for claim deprecation in her business
Thanks
CA PARAS BAFNA
(Expert)
26 February 2011
She should purchase a New Car either in her name or in the name of her proprietorship firm.
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